Nifty-Intra Day Chart (14-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6265-6278
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6234-6278
Firstly higher levels some selling but whole day down moves in Bullish Falling Channel also therefore mixed intraday patterns formation today and Indian markets are not prepared for any side decisive moves at this moment.
Last 24 sessions trading between 6130-6358 with following technical positions:-
1- Higher levels resistances between 6260-6358.
2- 5 Sessions trading between 6139-6239 with selling indications in previous week.
3- Firstly strong recovery and almost 6 hours trading between 6232-6256 on 13-01-2014 with the expectation of inflation reduction.
As most time selling in last 24 sessions therefore deeper correction possibility should be kept in mind but firstly sustaining beyond 6232-6256(almost 6 hours trading range of yesterday) should be watched for next immediate short term moves confirmations because this range trading was after strong recovery.
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1- Selling between 6265-6278
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6234-6278
Conclusions from intra day chart analysis
Firstly higher levels some selling but whole day down moves in Bullish Falling Channel also therefore mixed intraday patterns formation today and Indian markets are not prepared for any side decisive moves at this moment.
Last 24 sessions trading between 6130-6358 with following technical positions:-
1- Higher levels resistances between 6260-6358.
2- 5 Sessions trading between 6139-6239 with selling indications in previous week.
3- Firstly strong recovery and almost 6 hours trading between 6232-6256 on 13-01-2014 with the expectation of inflation reduction.
As most time selling in last 24 sessions therefore deeper correction possibility should be kept in mind but firstly sustaining beyond 6232-6256(almost 6 hours trading range of yesterday) should be watched for next immediate short term moves confirmations because this range trading was after strong recovery.